Market Size of Mixed Reality In Healthcare Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 1.54 Billion |
| Market Size (2029) | USD 4.03 Billion |
| CAGR (2024 - 2029) | 21.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Mixed Reality In Healthcare Market Analysis
The Mixed Reality In Healthcare Market size is estimated at USD 1.54 billion in 2024, and is expected to reach USD 4.03 billion by 2029, growing at a CAGR of 21.30% during the forecast period (2024-2029).
The major factors driving the market are the rising adoption of mixed reality technologies and the increasing incorporation of mixed reality medical devices.
The rising adoption of mixed reality technologies in medical training and surgical procedures is expected to drive the demand for mixed reality products, ultimately boosting the market during the forecast period. For instance, in November 2022, Osso VR, a virtual reality (VR) company in healthcare, and the American College of Cardiology (ACC), a nonprofit dedicated to transforming cardiovascular care, reported the new collaboration to develop an immersive, VR-enabled training program for cardiovascular professionals. The collaboration supported over 56,000 cardiovascular professionals with state-of-the-art procedural training from Osso VR to guide learning, track performance, and analyze procedures on demand. Hence, such collaborations increase the adoption of mixed-reality solutions for training doctors, ultimately driving the market during the forecast period.
Similarly, in March 2023, Fresenius Medical Care (FME), a provider of products and services for individuals with renal diseases, launched a new augmented reality (AR) application to make learning easier for nursing staff in kidney replacement therapy in intensive care units. Hence, the increasing adoption of mixed reality technologies for training healthcare professionals is also expected to drive the market during the forecast period.
Also, the increasing investments in the development of mixed reality technologies are expected to drive the market during the forecast period. For instance, in August 2023, FourPlus, a UK technology company, created and tested a mixed reality training platform for the pharmaceutical and healthcare industries. The project will support the development of a customizable platform with mixed reality and multi-player capabilities. Around 75% of the EUR 1 million (USD 1.1 million) investment in the project comes from this Innovate UK grant. Hence, such investments by the government are expected to increase the accessibility of mixed reality, which will ultimately drive the market during the forecast period.
In conclusion, the increasing adoption of mixed reality technologies in medical training and growing investments in the development of new mixed reality technologies are expected to drive the market during the forecast period. However, lack of expertise and high costs of mixed reality are expected to restrain the market during the forecast period.
